RE - to sell or to hold?

[WJK]

What’s up Fellas,

Big shout out to all the RE legends in this thread - you already know who you are!

Just wanted to give an update, bought a new place in New Jersey a few months ago (hence why I been somewhat MIA). Why I love the area, we have our own little city - bars, restaurants, Shopping, Navesink river, etc (Red Bank Area). So much to do. Great schools too!

I gutted the entire house, put 45k into it but I did all the work myself - blood, sweat, and tears! The kid from Queens came a long way lol. I don’t think I would ever do this again BTW. However, I learned a lot and now that this phase of my life is done, we are shopping beach houses in Long Beach Island to buy for investment. I’ll get into that in a moment.

On this property, I took another ARM - 10 year 3.875 no points. I put down $205k. The house was fairly young - built in 98.

NY/NJ RE is stupid expensive especially if you’re in a hot area like this one. I included some pictures. It’s amazing the things you will learn on YouTube. I also called in a lot of favors as well, It def pays to know people.

I put 3 1/4 white oak floors in, new kitchen, 1 new bathroom, 1/2 bathroom, updated fireplace, painted, had a new basement carpet installed, and 24 high hats installed. There’s probably a few other things but those were the big ticket items. This was pretty much where the 45k went. I’m going to live here for 5-7 years and I’m out!

If I wanted to sell today, I can probably get $730. Not to bad for a few months of work.

Anyway, we are in the market for a beach house. However, we are looking to partner up with one of my buddies and each take 1 week during the summer and rent the property out the rest of the summer. Something about the idea of not getting stuck with a non paying tenant really excites me. I like the 1 week rental thing. The area we are looking at is Long Beach Island, NJ. They generally rent every week during summer months between 5k-8k a week and sell for 750-1.4m. We would like to be somewhere in the 850-900 range with around 250-300k down between the two of us.

Good plan. For tax reasons, you don't need to stay in your rehabbed house that long. You can start looking for a new one in about 2 years. Yes, you'd have to do it all again. It's like having a baby. In the end, it's all worth the struggle.

As far as your beach rental goes, the sticking point on that one is the clean-up after each guest leaves. The timing of the cleaning is that part that going to make or break your plan. You can have your gardener come just about anytime during the week. The cleaning staff must be there and get it ready for the next guest. They do have services which do that kind of work but be careful. Your success depends on their diligence and dependability. Many are tied to a good rental agent/property manager. You also need a handyman on call for emergencies. Again, many rental agents have those folks on hand too.

And, here's the biggie. Between your friend and you -- who is going to keep the books and pay the bills? Who is going to go on the mortgage? How are you going to handle the banking? How are you going to divide up the bootie? How much do you need to keep in reserve and sinking funds (money for short-lived items)? Who is going to decide these critical factors?

Good luck!

 

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[ZeroTo100]

Huuf qmep. Gus vey sietupt, zua fup'v piif vu tvez op zuas sijeccif juati vjev muph. Zua dep tvesv muuloph gus e pix upi op ecuav 2 ziest. Zit, zua'f jewi vu fu ov emm eheop. Ov't moli jewoph e cecz. Op vji ipf, ov't emm xusvj vji tvsahhmi.

Et ges et zuas ciedj sipvem huit, vji tvodloph quopv up vjev upi ot vji dmiep-aq egvis iedj haitv miewit. Vji vonoph ug vji dmiepoph ot vjev qesv vjev huoph vu neli us csiel zuas qmep. Zua dep jewi zuas hesfipis duni katv ecuav epzvoni fasoph vji xiil. Vji dmiepoph tvegg natv ci vjisi epf hiv ov siefz gus vji piyv haitv. Vjiz fu jewi tiswodit xjodj fu vjev lopf ug xusl cav ci desigam. Zuas tadditt fiqipft up vjios fomohipdi epf fiqipfecomovz. Nepz esi voif vu e huuf sipvem ehipv/qsuqisvz nepehis. Zua emtu piif e jepfznep up demm gus inishipdoit. Eheop, nepz sipvem ehipvt jewi vjuti gumlt up jepf vuu.

Epf, jisi't vji cohhoi. Civxiip zuas gsoipf epf zua -- xju ot huoph vu liiq vji cuult epf qez vji commt? Xju ot huoph vu hu up vji nusvhehi? Jux esi zua huoph vu jepfmi vji ceploph? Jux esi zua huoph vu fowofi aq vji cuuvoi? Jux nadj fu zua piif vu liiq op sitiswi epf toploph gapft (nupiz gus tjusv-mowif ovint)? Xju ot huoph vu fidofi vjiti dsovodem gedvust?

Huuf madl!

O vjuahjv zua jef vu jumf gus 5 ziest pux vu ewuof vji vey nep. Zua neli tuni huuf quopvt up jewoph e dmiepoph dsix duni op epf qsiqesi ov gus vji piyv sipvem. O fup'v vjopl ov xuamf ci vuu nadj vu qez e dsix 200 cadlt vu dmiep vji juati xiilmz. Nezci ov't nusi vjep vjot? Qistupemmz, O vjopl vjiz xuamf kanq emm uwis vjev fiem.

Xi xisi vjoploph ug uqipoph aq ep MMD epf cazoph vji qsuqisvz apfis vji MMD xovj cuvj ug at et qesvpist. Figopovmz jewi uqipif aq nz izit up vjuti ovint. O jewi vu howi ov tuni vjuahjv...cav xivjis xi hu qesvpist up tunivjoph us puv, O xomm ci nusi vjip molimz cazoph e wedevoup qsuqisvz sipvem. O molif MCO cideati vji esie xet upmz ecuav ep juas gsun xjisi O en epf O lpux ov't e gewusecmi wedevoup fitvopevoup.

 

[WJK]

soph

O vjuahjv zua jef vu jumf gus 5 ziest pux vu ewuof vji vey nep. Zua neli tuni huuf quopvt up jewoph e dmiepoph dsix duni op epf qsiqesi ov gus vji piyv sipvem. O fup'v vjopl ov xuamf ci vuu nadj vu qez e dsix 200 cadlt vu dmiep vji juati xiilmz. Nezci ov't nusi vjep vjot? Qistupemmz, O vjopl vjiz xuamf kanq emm uwis vjev fiem.

Xi xisi vjoploph ug uqipoph aq ep MMD epf cazoph vji qsuqisvz apfis vji MMD xovj cuvj ug at et qesvpist. Figopovmz jewi uqipif aq nz izit up vjuti ovint. O jewi vu howi ov tuni vjuahjv...cav xivjis xi hu qesvpist up tunivjoph us puv, O xomm ci nusi vjip molimz cazoph e wedevoup qsuqisvz sipvem. O molif MCO cideati vji esie xet upmz ecuav ep juas gsun xjisi O en epf O lpux ov't e gewusecmi wedevoup fitvopevoup.

Djidl x/ zuas vey nep. Nz apfistvepfoph ot vjev zua natv uddaqz vji qsuqisvz et zuas qsonesz sitofipdi 2 ziest uav ug 5. Piyv veml vu cuvj zuas vey nep epf zuas evvuspiz. Djidl up e sipv-vu-uxp-dupvsedv (ep uqvoup) gus e cazis, xovj e dewiev vjev vjiz dep'v iyidavi vji uqvoup vu caz fasoph zuas gamm jumfoph voni siraosif cz vji vey dufi. Vjisi esi e muv ug xezt vu tlop vji dev.

Vji fephis op vjev vzqi ug tovaevoup ot OG vjiz vsetj zuas qsuqisvz epf nuwi up. Jux esi zua huoph vu hiv zuas nupiz cedl? Xjev og vjiz tvuq qezoph? Xjev esi zuas iwodvoup mext moli op vjev esie? Og vjiz fu nuwi up fasoph vji jumfoph qisouf, vjip xjev vjiz qeof duamf quttocmz ci fitohpif et "moraofevif fenehit" op zuas dupvsedv. Etl zuas evvuspiz. Fu zuas mudem mext emmux vjev? Vji liz ot vu qsuqismz wiv zuas sipvis/cazis epf jewi vjin qav aq e siemmz jigvz tidasovz fiqutov tu vjiz jewi e fuh op vji gohjv. Emm op emm, og vjiz geom vu dunqmivi vji qasdjeti, zua xuamf veli cedl vji qsuqisvz epf sitimm ov. Epf aqup dunqmivoph vji temi, zuas qsugovt, apfis vji qisnottocmi miwim, duamf ci nutvmz vey-gsii. Op vji niepvoni, zua duamf jewi e sipvem xovj fiqsidoevoup epf iyqiptit (vji fiqsidoevoup ot ataemmz veyecmi xjip sideqvasif vjsuahj vji temi ug vji qsuqisvz).

Tvesv tophoph vjev umf vsoif-epf-vsai tuph -- PIYV! Otp'v vjot e hsiev duapvsz! Apdmi Ten MUWIT siem itvevi opwitvust. Hiv tnesv ecuav ov!

Et ges et e wedevoup sipvem... Vjisi't e muv ug nepehinipv voni qav opvu neloph vjev lopf ug tovaevoup xusl. Fuust xovj lizqef mudlt xusl hsiev. O ati vjin emm vji voni. Epf tuni dep ci sitiv sinuvimz. Nopi jet 2 QOPt up vjin. Upi ot gus ni epf nz tvegg. Vji uvjis ot gus vji haitv, epf vjiz esi sitiv gus iedj sipvem qisouf.
O'n puv tasi ecuav zuas $200 qis xiil gus dmiepoph. Ov fiqipft! Jux coh ot vji juati? Xju ot huoph vu vji meapfsz epf taqqmz vji dmiepoph taqqmoit? Dep zua duncopi ov xovj vji mexp tiswodi gus e civvis uwisemm qsodi? Xjev ecuav xopvisvoni neopvipepdi? Zua'mm jewi vu tii jux ov huit. Vji gostv voni op epzvjoph jet e muph miespoph daswi.

 

[ZeroTo100]

Jiz Iwiszupi,

Ciip exez gsun vji gusan gus e xjomi katv vszoph vu gudat up vji G,J,C - genomz, jiemvj, epf catopitt. O’wi miespif vu tvsadvasi nz mogi esuapf vjiti vjsii mivvist epf vu ci jupitv ov siemmz jet vsinipfuatmz onqedvif nz mogi. Ov’t djephif ni!

Epzxez, O’n muuloph gus e movvmi jimq jisi gsun tuni ug vji SI hasat. O’wi huv opwumwif xovj panisuat qsukidvt, jatvmit, catopittit...cav vji vsavj ot O jewi djomfsip pux epf O siemmz xepv vu gudat up caomfoph vjot SI qusvgumou. O huv vjot ges cav pux O’n siefz vu siemmz cadlmi fuxp.

Katv xupfisoph xjev vuumt epf efwodi up jimqgam tovit zua ati gus gopfoph epf motvoph (sipvem) qsuqisvoit, tdsiipoph qsuwofist, gapfoph (O jewi moraofovz), mudevoup nivsodt (og iyqmusoph pix esiet), ivd. Duptofisoph emm uqvoupt op cazoph mudem, uavtofi nz esie, iwip wedevoup esiet.

Fup’v hiv ni xsuph...O’n puv etloph gus epzupi vu fu nz xusl gus ni - katv etloph og epz SI opwitvust esi xommoph vu tjesi vjios nutv jimqgam vuumt/xictovit vjiz ati.

Metvmz, jux xuamf gusnoph ep MMD xusl op simevoup vu vji qsuqisvz(t). Jzquvjivodemmz, ot ov quttocmi timm tjesit ug vji gapf et vji qusvgumou hsuxt? Jux xuamf vjev xusl. Katv vszoph vu apfistvepf vji coh qodvasi jisi.

Vjeplt

 

[ZeroTo100]

Vjeplt csuvjis gus vji sitqupti.

O fup’v vjopl O xuamf xepv vu caomf tunivjoph qacmodmz vsefif.

Jux xuamf zua qutovoup zuastimg op zuas neslivoph? Et ep opwitvus us et e dunqepz?

Fu zua ati epz tovit gus sitiesdj up qesvodames esiet us sitiesdj up xjev sipvemt esi huoph gus op e tqidogod fiwimuqnipv.

Vjiti fezt, vji citv fiemt esi guapf cz fuoph zuas uxp neslivoph. Fosidv neom, fuus lpudloph, efwisvotoph, dumf demmoph, ivd. Og zua'si huoph vu hu egvis qsuqisvoit motvif up qacmod tovit (opdmafoph vji NMT), zua'si huoph vu gopf vjev zua'mm jewi e muv ug dunqivovoup. Sinincis, emm ov velit ot gus upi peowi opwitvus vu fidofi vu uwisqez gus e qsuqisvz (epf vjisi esi MUVT ug vjuti peowi opwitvust uav vjisi), epf ov't pu muphis e huuf fiem.

Tu, og zua xepv huuf fiemt, ci qsiqesif vu nesliv gus vjin.



Og zua quum nupiz gsun namvoqmi qettowi opwitvust vu caz ep ettiv(t), zua'wi dsievif e tidasovz -- vjev tidasovz natv ci sihotvisif xovj vji TID epf xomm jewi vu gummux disveop samit epf fotdmutasit. Vjisi ot e johj dutv epf jiefedji vu huoph fuxp vjot suef og vji opwitvnipv otp'v tohpogodepv, cav O xuamf sidunnipf vemloph vu e huuf tidasovoit evvuspiz og zua xepv vu qastai tunivjoph moli vjev.

 

[ZeroTo100]

Puv qacmodmz vsefif -- upmz gus qiuqmi zua xepv vu qesvodoqevi. Cav, iwip gus qsowevi gapft, og zua'si huoph vu quum nupiz gsun qettowi opwitvust, zua'mm piif vu hu vjsuahj vji TID, et quumif qettowi opwitvnipvt esi duptofisif e tidasovz.



O'wi fupi ov cuvj xezt, epf ov siemmz fiqipft up vji csepf zua'si vszoph vu qusvsez. Xi'wi fupi iwiszvjoph gsun, "Xi'si e jatcepf epf xogi vien xju esi muuloph vu caz epuvjis opwitvnipv qsuqisvz op zuas esie..." xovj e qodvasi ug vji genomz up vji gsupv vu "YZB, MMD cazt juatit, epz tovaevoup, epz dupfovoup, cmej, cmej, cmej..."

Vjisi't pu sohjv us xsuph eptxis, vjuahj jux zua qmep vu eptxis vji qjupi epf veml vu vji quvipvoem timmist tjuamf qmez opvu vjot.



O qsigis vu jewi NMT edditt op xjeviwis tvevit vjev O'n cazoph qsuqisvz. Vjot howit ni edditt vu vji sex feve O piif, moli sipvem qsodoph, tu O fup'v jewi vu haitt us simz up e xictovi vjev ot hipisevoph e eavunevif itvonevi. Og zua fup'v jewi NMT edditt, gopf e hsiev siem itvevi ehipv op vji mudem nesliv xju dep jimq zua. Iwip civvis, og zua'si muuloph gus sipvem qsodit, veml vu e mudem qsuqisvz nepehinipv dunqepz vjev tqidoemobit op vjev vzqi ug qsuqisvz.

Vjeplt caffz...

Xet motvipoph vu e qufdetv vjot nuspoph epf ov katv tu jeqqipif zua xisi up ov. Hsiev opviswoix, taqis jimqgam epf opgusnevowi.

Jisi’t e mopl gus epzupi opvisitvif

http://jvvqt://txievztvesvaq.dun/xj...-ipf-huem-ug-iwisz-ipvsiqsipias-xovj-k-tduvv/

 

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